March OI Drops ANOTHER 4,302 Contracts- With Less Than HALF (2,049) Rolling to May
➡️The CME Has Now Succeeded in Getting March OI Down to Just 6,214 Contracts by First Notice Day- Meaning Just 31 Million oz of Silver Appear to be Standing for Delivery.
With COMEX Registered Silver Inventory currently sitting at 86 million oz, this means that a COMEX default on silver will not TECHNICALLY occur in March. However, in reality, the default occurred on Wednesday 2/25 in the eyes of everyone in the market.
The COMEX was CLEARLY facing silver delivery demands in March ABOVE AND BEYOND the free float silver remaining in COMEX silver vaults, and the CME once again took emergency action (shutting down the entire metals exchange) in what appears to have been a strong-armed approach to force cash settlement upon 159 million oz of silver during the shutdown.
Unfortunately for the CME, the NEXT primary delivery month of May now sits at an OI of 77,814 contracts, or NEARLY 400 MILLION OZ OF SILVER.
We suspect simply shutting the exchange may not suffice to get the CME through the month of May.
They may need something MUCH more drastic (such as WW3 with Iran?) to even GET to may….
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